The mandate of this Committee is to develop a Variable Payment Life Annuity (VPLA) framework that is harmonized across jurisdictions. A framework will be considered for both defined contribution plans and Pooled Registered Pension Plans (PRPP).
The Committee will develop recommendations for legislative amendments to pension standards legislation, as well as PRPP legislation, and will also consider developing regulatory guidance.
The Committee will address topics such as:
• plan design including conversion options;
• member disclosure, spousal consent, plan termination, investment rules; and,
• regulatory oversight for plans that offer VPLAs, including the filing of actuarial valuation reports.
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